Publix posts strong Q1

Publix Super Markets on Monday turned in another winning revenue performance, reporting $8.7 billion in sales for its first quarter, up 4.5% from $8.3 billion in the year ago period. Same-store sales rose 3.3%.



Net earnings were up to $581.9 million, up 6% over the same period last year.



It was the first quarterly report issued under new CEO Todd Jones. Former chief executive Ed Crenshaw retired Friday after 42 years with the company and nearly eight as CEO.



Despite the chain’s performance, effective May 1, 2016, Publix’s stock price decreased from $45.20 per share to $43.95 per share. (Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors.)



“I’m pleased that our Publix associates delivered strong results,” said Jones. “Unfortunately, these results were not enough to offset the challenges in the stock market.”



Publix currently has 1,112 stores in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina.